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  "documentTitle": "Alexion Pharmaceuticals, Inc. (ALXN)",
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  "presentationDate": "2020-05-12 00:00:00",
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  "notes": "The slide uses a list of analyst quotes to frame the 'existential debate' and a table to quantify the impact of specific corporate missteps.",
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      "text": "Unfortunately, as we have highlighted to you throughout our engagement, this overhang cannot be addressed through incremental improvements to the business, with analysts repeatedly highlighting the inability of the market to look beyond the longevity debate and reward the substantial operational improvements that the Company has made over the last few years.",
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      "text": "Analyst quotes regarding the existential nature of the investment debate and the C5 franchise strategy.",
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      "text": "share price performance: (9.5)%",
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      "text": "Unfortunately, as we have highlighted to you throughout our engagement, this overhang cannot be addressed through incremental improvements to the business.",
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      "kind": "paragraph",
      "text": "In all the examples above, Alexion’s attempts to reassure an already skittish investor base failed. The Company’s deficient communication more often than not left doubts unaddressed.",
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      "text": "Negative market sentiment continues to weigh heavily on Alexion’s share price. Significant skepticism has persisted with respect to the resilience and longevity of its complement franchise.",
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      "text": "\"One of the challenges we’ve had with ALXN shares has been the existential nature of the investment debate, and that the bull / bear discussion – even as management execution has been strong – seems largely focused on the stock's terminal value\" — Stifel, August 30, 2019; \"We expect ALXN to remain in its current trading range until there is greater visibility in the strategy beyond C5\" — MS, May 6, 2020; \"The shares are not expensive. However, we remain neutral given yet-to-be materialized success in pipeline diversification beyond the C5 franchise (~86% of revenue) & potential entry of competitors for the C5 franchise\" — Jefferies, May 6, 2020; \"Still, we think the lowered guidance will overshadow the 1Q results and along with persistent doubts about the longer-term future of the C5 franchise prior to competitor launches we would remain on the sidelines for now\" — BAML, May 6, 2020; \"We expect execution to remain strong, though the stock suffers from a so-so near term catalyst path, as well as a theoretical (hard-to-refute) bear case\" — Stifel, May 6, 2020.",
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      "text": "Event date share price performance vs. iShares NASDAQ Biotechnology Index",
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